What is the cost of goods sold on a lifo basis, Accounting Basics

What is the cost of goods sold on a lifo basis

Piper Pipes has the following inventory data:
                                                                                    Extended Cost
July 01    Beginning Inventory     10 units @ $120 $ 1,200
July 05    Purchased inventory    60 units @ $112       $ 6,720
July 14    Customer Sale             40 units
July 21    Purchased inventory    30 units @ $115        $ 3,450
July 30    Customer Sale     28 units

July 30 Ending Inventory in Units = 32 Units
July 1 - July 30 Total Number of Units Sold = 68 Units

Assuming that a periodic inventory system is used, what is the COST OF GOODS SOLD on a LIFO basis?

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Accounting Basics: What is the cost of goods sold on a lifo basis

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Accounting Basics: What is the cost of goods sold on a lifo basis

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Accounting Basics: What is the cost of goods sold on a lifo basis

Reference No:- TGS0685835

Recent Questions Asked Accounting Basics

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